Home buying..

[Jenisi]

So my boyfriend is buying a house and found one he really liked. After negotiations, they accepted his offer with the terms that it's good for as long as inspections reveal no major problems with the house. Well he gets an inspection and is told there are electrical issues, so he gets an electrican specialist out there and is told there is about 10k in problems. The guy selling the house said he wasn't going to drop the price anymore and didn't want to be aware of the problem because if he was he would legally have to disclose the information to whoever is interested in the house and the realator didn't want the information either so they didn't have to disclose in the future to potential buyers.

Now I'm assuming there is something wrong this other than it's obviously wrong ethically. Is this something he should look into reporting? I'm just glad all he is out is inspection money.

[LMingrone]

My father is a home inspector. Real estate and mortgage companies HATE independent inspectors. My advice: find an independent home inspector that has a contractor's licence. The bank or real estate inspectors are in pockets. Inspectors with a contractor's licence (at least in CT, I don't know how the state laws vary) can put a monetary value on their reports. You can then supply that report to bank/mortgage and have some (not much) leverage.

[TheEschaton]

I don't like Property as a subject much, but as far as I remember, the landowner isn't obligated to receive the report, he's only obligated to inform other sellers IF he receives the fault.

Shitty, I know, but the law is a machine set up to protect property owners.

[The Ponzzz]

I don't like Property as a subject much, but as far as I remember, the landowner isn't obligated to receive the report, he's only obligated to inform other sellers IF he receives the fault.

Shitty, I know, but the law is a machine set up to protect property owners.


Sadly, I just learned this in my law class. Pretty much what LMingrone said is what has to happen if he wants something done about it. Or start looking for another house seeing he had an agreement that he could back out if something was bad.

[LMingrone]

You are correct. The land owner is not privy to the report. But it should be a fair transaction after all. "Trust no one" and all that.

Edit: One of my best friends just decided to buy a porperty close to the the beach on the CT side of Long Island on a whim for $400k+. The house is sinking into sand , the foundation is shot to hell, and the wiring is thirty years old. A $400inspection is more worth it than you could imagine. Shit, a mold/termite/foundation/electrical inspection might save you or your KIDS life, well worth it

[Suppa Hobbit Mage]

I don't like Property as a subject much, but as far as I remember, the landowner isn't obligated to receive the report, he's only obligated to inform other sellers IF he receives the fault.

Shitty, I know, but the law is a machine set up to protect property owners.

And this is why all lawyers are douches.

[Gan]

So my boyfriend is buying a house and found one he really liked. After negotiations, they accepted his offer with the terms that it's good for as long as inspections reveal no major problems with the house. Well he gets an inspection and is told there are electrical issues, so he gets an electrican specialist out there and is told there is about 10k in problems. The guy selling the house said he wasn't going to drop the price anymore and didn't want to be aware of the problem because if he was he would legally have to disclose the information to whoever is interested in the house and the realator didn't want the information either so they didn't have to disclose in the future to potential buyers.

Now I'm assuming there is something wrong this other than it's obviously wrong ethically. Is this something he should look into reporting? I'm just glad all he is out is inspection money.

The seller is correct in that if he does not accept and see the report he's not obligated by law to disclose it. Look up your Florida Real Estate Comission for your state laws concerning seller disclosure of property condition. This is an example of what is used in Texas. http://www.trec.state.tx.us/pdf/contracts/OP-H.pdf

My advice to you is if the seller is unwilling to negotiate a lower price and is also unwilling to disclose or admit to any deficiencies in the condition of the property then you should get your option fee and earnest money (if you put any down) back and walk.

Its a buyer's market for those that have their credit in good shape or the liquidity to buy.

Here is the property disclosure form for Florida.
http://www.getmoreoffers.com/helper_doc.asp?load=1&id=forms/Forms%20by%20State/Florida&doc=Property%20Disclosure%20Form.pdf

[Insodus]

I recently bought and had similar issues. Following what other people said, there isnt a lot you can do about it legally, but just don't go forward with the deal.

Buying a house can be a great investment, or it can be a huge mistake. Be 100% comfortable before you buy. Especially in this market, he should be able to name his price!

[TheEschaton]

Property law has been handed down in common law from English medieval times. It's more complicated now, but it basically echoes the themes of the Magna Carta, which was a bill of rights for rich, landed property owners.

Edit: IE, while lawyers may or may not be douches, this is not evidence as to why modern lawyers are douches.

[Trouble]

My advice to you is if the seller is unwilling to negotiate a lower price and is also unwilling to disclose or admit to any deficiencies in the condition of the property then you should get your option fee and earnest money (if you put any down) back and walk.

I think Jenisi was more concerned with making sure the seller has to tell other prospective buyers. I think her BF already bailed out on the deal.

[Sean of the Thread]

Definitely pass on the deal. It's a buyer's market after all. I'm sure he'll find another double wide quite easily.

[Latrinsorm]

And this is why all lawyers are douches.Here I thought you would be all over "buyer beware".

[Clove]

Walk away. This seller is unwilling to deal with you fairly and I assure you, if you found this electrical issue... there are others. Find a better seller and a better property.

[Trouble]

You guys aren't reading the OP. The buyer already walked away.

[Suppa Hobbit Mage]

I definately am all over buyer beware. Any sane person would be when making a sizable purchase.

A LAW created by douchebags for douchebags, to allow them to KNOWINGLY decline findings of issues, so that they can not be held liable if they sell something with those issues, is sickening.

How do you argue that in court. Oh, the previous prospective client, she found some issues but I refused to listen, so I'm not culpable. Yes your honor, I claim no responsibility because I didn't listen. I'm sorry that family of five burned up in an electrical fire.

Nice law.

[TheEschaton]

How do you argue that in court. Oh, the previous prospective client, she found some issues but I refused to listen, so I'm not culpable. Yes your honor, I claim no responsibility because I didn't listen. I'm sorry that family of five burned up in an electrical fire.

I don't agree with it, but I could argue it easily. It has 400 years of precedent. The law doesn't change because changing it loses people money at the expense of protecting home buyers.

Ah, the joys of capitalism and a legal system formulated to protect it.

-TheE-

[Suppa Hobbit Mage]

I understand the need to protect the seller. You don't want frivolous lawsuits against them for everything that could happen AFTER it's sold. But the fact a person can say don't tell me, because then I'm liable, is flat out wrong. That needs to be addressed. 400 year old precedent or not, wrong is wrong.

The reason I dislike lawyers so much is that they'll use that loophole to protect a douche from being responsible for their actions. Thus making them a douche in turn.

What happens if in this case her boyfriend YELLED what was wrong at the seller, are they then liable?

[Celephais]

I don't agree with it, but I could argue it easily. It has 400 years of precedent. The law doesn't change because changing it loses people money at the expense of protecting home buyers.

Ah, the joys of capitalism and a legal system formulated to protect it.

-TheE-
How long was the precedent set on slave ownership?

[Clove]

You guys aren't reading the OP. The buyer already walked away.

Fine. It's unethical. Sadly it is legal.

[Gan]

You guys aren't reading the OP. The buyer already walked away.

Wow.

This thread is now complete with this stellar contribution.

Everyone may stop posting now.

[Trouble]

Wow.

This thread is now complete with this stellar contribution.

Everyone may stop posting now.

The discussion of the legality of the situation is entertaining/informative enough; it just puzzled me that a couple of people replied telling the prospective buyer to walk away even after I pointed out that the buyer had already done so. You guys enjoy pointing out each other's lack of reading comprehension, why can't I? This is the PC after all.

[Celephais]

The discussion of the legality of the situation is entertaining/informative enough; it just puzzled me that a couple of people replied telling the prospective buyer to walk away even after I pointed out that the buyer had already done so. You guys enjoy pointing out each other's lack of reading comprehension, why can't I? This is the PC after all.
The people replying to bots after it's clearly been stated to be a bot shows that there are individuals on the PC who do not care what other people have to say and simply skip to where they can post, as their opinions are paramount. I call it "the Tsa'ah inevitability".

[Gan]

The discussion of the legality of the situation is entertaining/informative enough; it just puzzled me that a couple of people replied telling the prospective buyer to walk away even after I pointed out that the buyer had already done so. You guys enjoy pointing out each other's lack of reading comprehension, why can't I? This is the PC after all.

Perhaps if your name was EF Hutton...

[Keller]

Wow.

This thread is now complete with this stellar contribution.

Everyone may stop posting now.

:tool: